Discover the benefits of downsizing for an uplift in your finances and lifestyle
Downsizers can take control of their finances and lifestyle by looking for a new attractive property to call home. Here we provide advice on what to consider when thinking about downsizing.
Why downsize?
Children leaving the family home can spur a lot of people into considering what kind of property, in which location, will help them make the most of their next stage in life.
The place you live as a family is often driven by very practical needs. Whereas living alone or as a couple, gives you greater freedom to follow your own personal desires and interests.
For some people that might mean a move to a city, to enjoy the buzz of activity they’ve been missing and to have readier access to the great cultural, dining and retail experiences on offer. If you choose the right property, this can mean having more cash in your pocket and extra time on your hands, to really make the most of your surroundings.
Financial savviness
Being savvy about your financial situation, is perhaps the best reason to downsize. It can mean releasing equity in a property you’ve built up over a number of years, reducing your monthly mortgage payments, or may even leave you mortgage-free entirely.
With interest rates set to remain pretty high for a while yet, a switch to a smaller property and lower mortgage payments is very sensible.
Have you considered the benefits of downsizing?
- Releasing equity from your current home could reduce your monthly payments, or perhaps leave you mortgage-free.
- More of your valuable time and money could be spent on 'you', rather than maintaining and cleaning a large property.
- Smaller properties can mean lower Council Tax and energy bills.
Downsizing really is worth considering if you want to reduce some financial burdens.
Moving to a smaller and newly developed property is also a very savvy move, as freshly installed bathrooms, kitchens, flooring, and other fixtures and fittings, will mean there’s no wear and tear for you to address when you move in. You’ll have time on your hands immediately to enjoy what you love doing.
Things to remember when you’re downsizing
Property values
Don’t forget that the value of a property is determined by its location, as well as its size. So as well as looking for a smaller property, make sure you combine it with a location that can bring you financial gains.
New mortgage calculation
If you still need a mortgage on your smaller property, make sure you have an accurate calculation of your mortgage payment at the new mortgage rate. You need a clear picture of how much you’ll be saving each month to be sure of an uplift in your lifestyle.
Maintaining and heating your property
Make sure you know everything that’s involved in your property, so you know the time and money involved in looking after it well. A newly developed property will have minimal issues to address and will be more energy efficient too, keeping your monthly energy bills down.
Downsize your belongings
If you’re moving from a much larger property to a smaller home, you may need to reduce the volume of your belongings. If there are things you want to keep but don’t have room for, you could consider additional offsite storage.
Living the life you love
Never forget the life you want to achieve by downsizing. So alongside making sure the financials are looking good, choose a home and location that has a high percentage of what you’re looking for. Great transport and local amenities, a welcoming community and a characterful home will all play a part in the happiness you get from downsizing.
The Cocoa Works in York.
Downsizing to The Cocoa Works
- The one and two bedroom apartments available at The Cocoa Works combine a great mix of historic features and contemporary design.
- You’re only a short walk from York city centre with the beautiful York Minster and city walls, the nooks and crannies of the famous Shambles, and Betty’s Tea Room when you’re in need of refreshment.
- There’s also a wide array of contemporary brands and independent shops, and plenty of places to stop and have drink, as you stroll along the river. So, while you may be downsizing, you will definitely enjoy a big uplift to your lifestyle.
